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Risk Control Self Assessment Software

Standardize and Automate Risk Assessment Evaluation and Reporting

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Risk Control Self Assessments

Risk Control Self Assessment For Banks And Financial Institutions

Risk and Control Self-Assessment (RCSA) reporting is critical to ensuring that banking and financial services organizations are in fact addressing and properly evaluating and mitigating risks. The process has traditionally been managed manually using distributed spreadsheets, documents and email. However, in today’s fast-paced regulatory environment, Chief Risk Officers, Risk Managers, Business Unit Managers, and Boards of Directors require more than last term’s historic assessment data. They need real-time risk and control insight. Predict360’s RCSA solution delivers risk stakeholders:

  • Centralized risk and control reporting across business units
  • A common taxonomy of risks and controls across the organization
  • Risk assessment scheduling for periodic and/or reoccurring assessments
  • Real-time identification of controls that are operating outside tolerance levels
  • Action items for remediation or improvement plans that are linked to risks and/or assessments
Risk Control Self-Assessments

Replace Manual Risk Assessment Reports

Legacy risk assessment reports are time consuming and inefficient. The effort required to gather and evaluate risks, controls and inherent and residual risk is compounded by decentralized data and manual data entry and analysis. Further, a lack of standardization of risks or controls definitions results in:

  • Inconsistent risk ratings across business units
  • Non-standardized control taxonomies and definitions
  • Difficulties in rolling up overall enterprise risk
  • Duplication of efforts across departments
  • Subjective versus objective assessments
Risk Control Self Assessments

Risk Control Self Assessment Tools That Provide Uniformity, Expediency And Clarity

Predict360’s risk control self assessment tools enables organizations to manage risks using proven enterprise risk management techniques such as risk control self assessment for banks to capture inherent and residual risk ratings and controls as well as additional details including risk owners, risk type, management comments, monetary impact and more. Individual risks can also be linked with their associated regulations and/or business obligation.

  • Real-time insight into RCSA progress and risk ratings
  • Standardization of risk and control taxonomies make it easier to compare and evaluate risks
  • Enterprise level RCSA reports based on data from different business units
  • Executive visibility into risk items with the ability to drill down to greater detail
Risk Control Self Assessments

Control Testing

The Optional Predict360 Control Testing application complements the Risk Management and Assessment application by providing the following functionality:

  • Links to each control’s documentation
  • Activities can be derived from and/or associated with controls, such as control tests, tasks, and action plans for reviewing and improving controls, and issues relating to a process or control test failure.
  • Workflow for controls testing, which includes both Design Assessment Procedures (DAP) and Operating Effective Procedures (OEP).
  • Control tests (assessments/questionnaires) can be linked to individual controls, enabling the use of industry-recommended control tests as part of optionally accessible and pre-loaded industry risk library packages in Predict360.

Additional content plug-ins can be purchased to provide an industry-standard risk management framework, controls, and control tests (both design and operational control tests) to help mitigate risks inside the organization.

Risk Control Self Assessments

Assess Inherent, Residual and Current Operational Risks

Inherent and residual risk ratings can either be captured as user-specified impact and likelihood values, or the system can prompt the end-user through a company-defined set of questions/criteria to ensure a consistent risk rating is calculated across the organization. This results in more accurate operational risk self-assessments.

  • Control Information can be captured in a summary control text field or as individual control items with attributes including efficacy, implementation percentage and weight to calculate the effectiveness a control has on managing a particular risk.
  • Functionality linking multiple controls to a single risk and/or a single control linked to multiple risks is supported.
  • Using the efficacy, implemented % and weight, a current risk rating is calculated and updated in real-time to identify controls that are operating outside tolerance levels. Those values can be updated any time that an incident occurs or control tests fail to instantly flag emerging risks to the enterprise.
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Risk Control Self Assessments

Enhance Enterprise Risk Management with Predict360’s RCSA Solution

Predict360’s RCSA solution is designed to enable organizations to quickly improve the way it manages and mitigates risk. The user interface (UI) is based on spreadsheet to ensure that users can adopt the tool with minimal training. Instead of creating multiple documents, every department can use a single platform to generate dynamic RCSA reports.

The Business Intelligence (BI) engine in the Predict360 RCSA solution intelligently evaluates data from different business units and reports to deliver real-time insights and intelligence about enterprise level risks.

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Risk Control Self Assessments

What is RCSA?

RCSA (Risk Control Self-Assessment) is a process that enables banks and financial organizations to accurately manage risks and ensure that risk information is updated. RCSA reports are created by identifying all the risks that affect the business through risk assessment questionnaires or risk register reviews and then tracking the efficiency of controls to mitigate those risks. These reports are invaluable for management in ensuring stability.

RCSA reports based on enterprise risk management self-assessment questionnaires or front-line risk register reviews highlight all the concerns and risks that may affect a business. These reports are then ranked based on their sensitivity and likelihood. This is called inherent risk – the risk that is present in the absence of any controls. The controls for the risk are then listed and the residual risk (the risk still present after the controls) is then accounted for.

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Risk Control Self Assessments

Importance of Enhancing Risk Control Self Assessment Report

Risk control self assessment report are not easy to manage. These reports are usually created as a static document. This means that if there is any updated information regarding any risk or control included in the document, the document needs to be manually updated.

This in itself is a risk because human error can result in inaccurate RCSA reports. Inaccurate RCSA reports can result in management believing risks are mitigated when in reality risks are getting more severe.

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Risk Control Self Assessments

Risk Assessment Software Features

Predict360 Risk Assessment Software enables enhanced functionality through powerful features designed to deliver faster and more accurate assessments.

Enterprise RCSA

Predict360 is an enterprise risk assessment software solution that streamlines inter-departmental collaboration and ensures all risks are assessed using the same standards.

Enhanced Reporting

Intelligent workflows enable enhanced risk controlled self-assessment reports with the help of dashboards and automated report generation.

Seamless Implementation

Predict360 is a multi-tenant cloud platform that delivers a seamless risk assessment software implementation without any business disruptions.

Learn More – Download a Data SheetHave a look at how the risk mapping, predictions, live holistic view, dashboards, and much more will help your business manage risk better than ever before.” to “Download a data sheet to discover how risk and control mapping, assessments automation, real-time data insights, and business intelligence empowers organizations to proactively manage risk.